Vijay Shekhar Sharma steps down as Paytm Payments Bank chairman

PTC News Desk: In a significant development, Vijay Shekhar Sharma has resigned from his position as part-time non-executive Chairman and board member of Paytm Payments Bank Limited (PPBL). This move aims to facilitate the board's restructuring process.

Following Sharma's resignation, PPBL has reconstituted its board, welcoming distinguished individuals as Independent Directors. These include former Central Bank of India Chairman Srinivasan Sridhar, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and Retd IAS Rajni Sekhri Sibal.

One 97 Communications Ltd (OCL), the parent company of Paytm, announced this reshuffle, emphasizing the company's commitment to effective governance and leadership.

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"Vijay Shekhar Sharma has also resigned from the Board of Paytm Payments Bank to enable this transition. PPBL has informed us that they will commence the process of appointing a new Chairman," stated OCL in an official statement.

This strategic move reflects PPBL's dedication to enhancing its board composition and ensuring robust governance practices in line with regulatory requirements.

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(Inputs from agencies)

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